Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Odfjell Se B — Q3 2024 Earnings Presentation
26 slides from Odfjell Se Class A's earnings presentation, Nov 6, 2024
Slide 1: Third quarter 2024 report
Third quarter 2024 report November 5, 2024
Slide 2: Highlights – 3Q24
3Q24 Odfjell Group Third quarter 2024 report Highlights – 3Q24 Key figures, USD mill • Odfjell´s strong performance on safety continues with high operational (USD mill, unaudited) 4Q23 1Q24 2Q24 3Q24 3Q23 YTD24 efficiency and no significant incidents during the quarter. Time charter earnings 181.7 1
Slide 3: Result development
3Q24 Odfjell Group Result development Profit & Loss Balance sheet & cash flow In 3Q24, Odfjell reported time charter earnings of USD 202 mill, a Odfjell’s cash balance end 3Q24 was USD 144 mill and undrawn funds decrease of USD 13 mill compared to 2Q24. Spot freight rates came on bank facilities was
Slide 4: Chemical Tankers
3Q24 Odfjell Group Chemical Tankers Volumes were stable in the third quarter, with lower COA nominations Commercial revenue days increased slightly to 6,223, with off-hire days offset by higher spot volume. Consequently, contract cargo as share of decreasing from 252 to 178 primarily due to high dry
Slide 5: Tank Terminals
3Q24 Odfjell Group Tank Terminals 3Q24 Operations and Financial Results Capital expenditure & expansions The terminal Noord Natie Odfjell Antwerp Terminal (NNOAT) in Antwerp At NNOAT, the construction of Tankpit-R is progressing according to ended the quarter with an average commercial occupancy rat
Slide 6: Sustainability
3Q24 Odfjell Group Sustainability Odfjell’s CII* development Novel technology Installation of suction sails on board Bow Olympus has gone 3Q24 Previous Q/Q Same q. YTD FY 2023 through its first phase during dry docking in China, with quarter change last year 2024** completion scheduled in Europe in
Slide 7: Prospects
3Q24 Odfjell Group Prospects Market outlook Clean and chemical tanker markets have recently been affected by "the Odfjell's share of total newbuildings in our core segment continues to summer lull" combined with crude tankers switching to clean to escape be around 20%. the effects of weaker oil dema
Slide 8: Interim financial information – Odfjell Group
3Q24 Odfjell Group Interim financial information – ODFJELL GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Figures based on equity method) (USD mill) Note 1Q24 2Q24 3Q24 3Q23 YTD24 YTD23 Gross revenue 1, 2 305.6 330.3 316.9 295.2 952.8 898.0 Voyage expenses 1, 2 (104.5) (107.4) (107.7) (105.2) (319.
Slide 9: Consolidated statement of comprehensive income
3Q24 Odfjell Group CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Figures based on equity method) (USD mill) Note 1Q24 2Q24 3Q24 3Q23 YTD24 YTD23 Net other comprehensive income to be reclassified to profit or loss in subsequent periods: Net changes in cash-flow hedges (2.9) 0.7 (4.0) 2.2 (6.2) (0.8
Slide 10: Consolidated statement of financial position
3Q24 Odfjell Group CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Figures based on equity method) (USD mill) Note 31.03.24 30.06.24 30.09.24 30.09.23 31.12.23 Deferred tax assets 2.4 2.7 2.1 2.4 2.6 Ships 4 1,265.1 1,256.4 1,238.5 1,248.7 1,279.4 Property, plant and equipment 4 7.8 8.2 8.0 7.6 7.6 Ri
Slide 11: Consolidated statement of changes in equity
3Q24 Odfjell Group CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Figures based on equity method Exchange Cash-flow Pension OCI Paid in Retained Total other (USD mill) rate hedge remeasure associates Total equity equity equity equity differences reserves -ment and JVs Equity as per January 1, 2023 199.
Slide 12: Key figures
3Q24 Odfjell Group KEY FIGURES IN Figures based on equity method 1Q24 2Q24 3Q24 3Q23 YTD24 YTD23 PROFITABILITY Earnings per share (USD) – basic/diluted 0.86 1.12 0.90 0.66 2.88 1.91 1) Return on equity 34.0% 43.3% 31.7% 27.0% 37.9% 27.8 % 3) Adjusted return on equity 34.0% 43.3% 31.7% 26.7% 37.9% 27
Slide 13: Consolidated cash flow statement
3Q24 Odfjell Group CONSOLIDATED CASH FLOW STATEMENT Figures based on equity method (USD mill) 1Q24 2Q24 3Q24 3Q23 YTD24 YTD23 Profit before income taxes 68.9 88.8 72.1 52.9 229.8 156.5 Taxes paid in the period (0.9) (1.1) (0.6) (1.5) (2.5) (5.7) Depreciation, impairment and capital (gain) loss fixed
Slide 14: Notes to the interim consolidated financial statements
3Q24 Odfjell Group NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Note 1 – Accounting principles Odfjell SE is ultimate parent company of the Odfjell Group. Odfjell SE is a public listed company traded on the Oslo Stock Exchange. The company’s address is Conrad Mohrs veg 29, Bergen, Norway.
Slide 15: Note 2 – Segment information
3Q24 Odfjell Group Note 2 – Segment information - continued Chemical Tankers Tank Terminals Total USD mill 1Q24 2Q24 3Q24 3Q23 YTD24 1Q24 2Q24 3Q24 3Q23 YTD24 1Q24 2Q24 3Q24 3Q23 YTD24 Gross revenue 305.1 329.8 316.4 294.7 951.3 21.8 22.0 22.0 19.8 65.8 326.9 351.7 338.4 314.4 1,017.1 Voyage expense
Slide 16: Segment information – reconciliation to Group figures
3Q24 Odfjell Group Note 2 – Segment information - reconciliation of segment reporting to Group figures The following table reconciles reported revenue, EBIT, assets and liabilities in our segments to the income statement and statement of financial position. 2) 1) Chemical Tankers Tank Terminals Tota
Slide 17: Note 3 – Net interest-bearing liabilities
3Q24 Odfjell Group Note 3 – Net interest-bearing liabilities (USD mill) 31.03.2024 30.06.2024 30.09.2024 30.09.2023 31.12.2023 Mortgaged loans from financial institutions 493.8 482.4 474.0 528.0 527.2 Financial leases and sale-lease back 213.2 204.3 195.4 231.0 222.1 Unsecured bonds 78.9 79.5 80.9 7
Slide 18: Note 4 – Ships, property, plant and equipment
3Q24 Odfjell Group Note 4 – Ships, property, plant and equipment (USD mill) 1Q24 2Q24 3Q24 3Q23 YTD24 YTD23 Net carrying amount, beginning of period 1,287.0 1,272.9 1,264.6 1,270.7 1,287.0 1,327.6 Investments in ships, property, plant and equipment 8.0 9.3 6.4 8.0 23.8 45.3 Investments in newbuildin
Slide 19: Note 5 – Investments joint ventures
3Q24 Odfjell Group Note 5 – Investments joint ventures The share of result and balance sheet items from investments in associates and joint ventures are recognized based on equity method in the interim financial statements. The figures below show our share of revenue and expenses, total assets, tota
Slide 20: Note 6 – Other financial items; Note 7 – Right-of-use assets
3Q24 Odfjell Group Note 6 – Other financial items (USD mill) 1Q24 2Q24 3Q24 3Q23 YTD24 YTD23 Changes in fair value in derivatives (5.2) 1.6 1.3 23.4 (2.3) 8.6 Currency gains (losses) 4.4 (0.6) (1.4) (22.9) 2.4 (7.8) Other 0.2 (0.5) 0.1 1.0 (0.3) 2.1 Total other financial items (0.6) 0.5 0.1 1.5 (0.1
Slide 21: Nominal payments of time charter hire for right of use assets
3Q24 Odfjell Group Nominal payments of time charter hire for right of use assets not yet commenced (USD mill) 2024 2025 2026 2027 2028 Thereafter Total Nominal time charter hire 0.6 8.1 52.1 86.4 110.3 645.8 903.2 Total 0.6 8.1 52.1 86.4 110.3 645.8 903.2 At the end of third quarter 2024, Odfjell Gr
Slide 22: Notes 8–11: Operating and interest expenses, subsequent events
3Q24 Odfjell Group Note 8 - Operating expenses (USD mill) 1Q24 2Q24 3Q24 3Q23 YTD24 YTD23 Operating expenses right-of-use assets (8.2) (8.9) (9.7) (8.1) (26.8) (22.7) Other operating expenses (40.9) (42.1) (44.0) (39.9) (127.0) (124.0) Total (49.1) (51.0) (53.7) (48.0) (153.8) (146.7) Note 9 - Inter
Slide 23: Fleet list by September 30, 2024
Fleet list by September 30, 2024 STAINLESS VESSEL TYPE Class CHEMICAL TANKERS DWT BUILT OWNERSHIP CBM STEEL, CBM TANKS Super-segregator POLAND Bow Sea 49 511 2006 Owned 52 244 52 244 40 Super-segregator POLAND Bow Summer 49 592 2005 Owned 52 252 52 252 40 Super-segregator POLAND Bow Saga 49 559 2007
Slide 24: Chemical tanker newbuildings on order and fleet changes
Coated FLUMAR Flumar Brasil 51 188 2010 Owned 54 344 0 12 Coated MIPO Bow Triumph 49 622 2014 Bareboat/ Financial lease 54 595 0 22 Coated MIPO Bow Trident 49 622 2014 Bareboat/ Financial lease 54 595 0 22 Coated MIPO Bow Tribute 49 622 2014 Owned 54 595 0 22 Coated MIPO Bow Trajectory 49 622 2014 O
Slide 25: Tank terminals
STAINLESS NUMBER TANK TERMINALS LOCATION OWNERSHIP¹ CBM STEEL, CBM OF TANKS Odfjell Terminals (Houston) Inc. Houston, USA 51 % 412 415 120 812 128 Odfjell Terminals (Charleston) LLC Charleston, USA 51 % 79 243 0 9 Odfjell Terminals (Korea) Co. Ltd Ulsan, Korea 50 % 313 710 15 860 85 Noord Natie Term
Slide 26: 3Q24 Odfjell Group 23 | Page
3Q24 Odfjell Group 23 | Page